“American workers are not getting a raise,” says J.P. Morgan Asset Management strategist.

The latest jobs report came in weaker than expected, with employers adding about 57,000 jobs in June—roughly half of what economists had forecast. While the unemployment rate dipped to 4.2%, much of that decline was driven by people leaving the workforce.

The closely watched jobless rate for post-9/11 veterans bumped up from 4.1% in May to 4.8% in June as national job creation plunged.

One major factor is that the population is aging — and therefore retiring out of the workforce. Another factor is the crackdown on immigration, since immigrant communities have some of the highest labor force participation rates.

The U.S. economy added just 57,000 nonfarm payroll jobs in June, falling sharply below expectations prompting ARK Invest CEO Cathie Wood to call government statistics “very distorted.” As Wall Street analysts label the print “misleading” due to anomalies like job losses during the World Cup,

US job growth settled down after a spring surge, as employers added a lower-than-expected 57,000 positions last month, according to Bureau of Labor Statistics data released Thursday.

A batch of jobs data scheduled for release this week could help shed light on whether the labor market remains on solid footing halfway through 2026.

Chief economists and CIOs sounded gloomy notes. LPL Financial's Jeffrey Roach calculated that 105.8 million Americans have left the labor market.